ESC unveils aid recovery plan

(Graphic: JNews)
AMMAN — The Economic and Social Council (ESC) recently launched a three-phase plan to aid economic recovery efforts amidst the ongoing pandemic.

The plan was submitted to Prime Minister Bisher Al-Khasawneh almost a month ago.

The plan aims to achieve integration among various sectors to expedite structural economic recovery, which helps empower the economy and develop the ability of priority sectors to deal with the pandemic, the Jordan News Agency, Petra, reported.

Phases of the plan include an immediate stimulus package for the labor and economic sectors to trigger economic recovery and set the country on the path to sustainable economic growth.

Each phase entails several programs and initiatives, under which bundles are designed and launched depending on national priorities. Each will be implemented over two months and evaluated every month to analyze its impact and identify the progress made.

The plan emphasizes reducing operational costs for business owners, enhancing flexibility within the labor market, and investing in human capital.

Priorities include enhancing exports by, for example, accessing new markets, securing funds, extending loans for businesses, stimulating the tourism sector, and encouraging innovation, among others.

To facilitate the implementation of the relevant procedures, the recovery plan called for forming a national taskforce under the chairmanship of the prime minister and to include representatives of all stakeholders. Another option may be activating the National Policy Council and creating executive action teams for all sectors to oversee, follow up, and assess the implementation process.

Further recommendations include postponing loan installments of all bank clients, both individual and corporate, lowering the advance payment in real estate purchases, reducing the fees of work permits for workers at affected small and medium-sized enterprises (SMEs) and agricultural companies by 75 percent and by 50 percent for the other economic sectors.

They also suggested exempting establishments from fines imposed for delays in issuing these permits.

The plan called for granting a 25 percent discount on fees for renewing corporate registration til the end of May, 2021.

The procedures also proposed exempting retailers from 50 percent of registration renewal fees, providing they do not have e-commerce activities.
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